API Definition

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API is Accountants for the Public Interest.

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UNIT-OF-WORK-PERFORMED METHOD is where revenue and cost of sales are recorded as units of work are delivered. This is most suitable to production-type contracts where many units of a product are produced in a continuous process, e.g. automobile manufacture.

STEWARDSHIP is responsibility for taking good care of resources entrusted to one, e.g., boards of directors must show good stewardship towards the company for which they are a board member.

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